After the DAT flywheel stalls, who will take over ETH?

Are we buying them for crypto exposure, or for the illusion of a premium that no longer exists?

As the trend of "crypto-equity integration" continues to evolve, a type of listed company known as "crypto asset treasury companies" is emerging in the industry. Currently, the top three institutional holders have accumulated a total of 4.16 million ETH, forming an institutional force that cannot be ignored.

Despite the efforts of emerging chains like Sui, Aptos, and Sei, they have not posed a substantial threat to Solana. Even though some traffic has been diverted to application-specific chains, Solana firmly maintains its leading position among general-purpose chains.

With continued outflows from spot ETFs, weakening expectations of interest rate cuts, and a decline in DAT (Digital Amount and Data), market sentiment has plummeted to rock bottom.

The government's reopening is not a "panacea" for the market; the key issue is the TGA (Trading Agencies) that are absorbing market liquidity.

A race to the bottom in both coin price and circulating stock price.

Ignas also pays special attention to lending agreements that generate fees.

Global liquidity remains ample; funds are simply not currently targeting the crypto market.

After a year of effort, Cango has transformed from holding $500 million in cash to holding over 6,400 BTC, delivering a solid and sustainable performance.

How did DATCo grow from a fringe corporate experiment into a powerful force spanning Bitcoin, Ethereum, and various altcoins, with a scale of $130 billion?

In November 2025, the crypto market will be at a structural turning point: after fiscal recession and peak interest rates, liquidity will flow back to the private sector, risk assets will become more differentiated, and the U.S. Treasury General Account (TGA) will only receive funds and not withdraw them due to the U.S. government shutdown. The balance will expand from about $800 billion to more than $1 trillion, which is equivalent to withdrawing about $200 billion of liquidity from the market and exacerbating the tightness of funds in the banking system.

From getting rich by hoarding cryptocurrencies to selling them to repair watches, the capital market is no longer unconditionally rewarding stories of holding cryptocurrencies.

Is this the bottom of the market or the beginning of a new long bear market?

While there have been issues with mNAV, being removed from the Nasdaq 100 index is unlikely to happen this year.

Strategy pioneered DAT, and in 2025, Ethereum DAT sparked a new wave of staking.